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Photo: <a href="http://www.flickr.com/photos/51035555243@N01/29848901/">Thomas Hawk</a>, Creative Commons, some rights reserved
Photo: Thomas Hawk, Creative Commons, some rights reserved

NY officials agree on JPMorgan settlement funds

ALBANY, N.Y. (AP) Gov. Andrew Cuomo and Attorney General Eric Schneiderman have agreed to spend the first $163 million from New York's share of the national settlement with JPMorgan on mortgage relief and housing programs this year.

The first installment of the state's $613 million share will be divided, with $81.5 million going to the state's general fund and earmarked for use by New York's two housing agencies.

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Officials say the other $81.5 million this year will be used by the attorney general's office for mortgage relief.

Schneiderman helped negotiate a national $13 billion settlement with JPMorgan over faulty mortgage-backed securities.

He and Cuomo have been in talks on use of the settlement funds.

Copyright 2014 The Associated Press. All rights reserved

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